Specialization in production is important primarily because it:
A. results in greater total output.
B. allows society to avoid the coincidence-of-wants problem.
C. allows society to trade by barter.
D. allows society to have fewer capital goods.
Answer: A
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Middlemen would serve no productive function if
A) information is scarce and transactions costs are zero. B) information is free and transactions costs are significant. C) information is free and transactions costs are zero. D) people only purchased what they need, rather than what they want.
The minimum point on the average variable cost curve is called
A) the break-even point. B) the shutdown point. C) the loss-minimizing point. D) the point of diminishing returns.
“The size of government is too big.” Evaluate this statement
Please provide the best answer for the statement.
If the quantity demanded of personal computers increases by 5% every time the price of personal computers decreases by 10%, the price elasticity of personal computers is (remember to report the absolute value):
a) 4 b) 0.5 c) 1 d) 2